Dear Sirs/Madam
A Person was appointed as an additional director in Company X in 2008, he was not regularized in that year ensuing AGM and till date he has not been regularized. But such additional director has signed in all statements of Company post 2008. What is the effect as of now under the Act and what is to be done !!! Kindly advise.
Thanks & Regards
Shiva Arunachalam
He has automatically vacated his office as additional director on the date of AGM of 2008. Still if he has signed documents and acting as a director, necessary penal provisions will get attracted. Now for the past period there is no way to regularise the things. You will have to face the penal consequences. For future you may decide to appoint him again as a director in current date.
CAclubindia
